Revel Casino Bought by AC OCEAN WALK for $200M

admin, January 9, 2018 1:23 pm

The Revel Casino Hotel in Atlantic City has just been bought for $200 million by Colorado developer Bruce Deifik and his consortium investment group called AC OCEAN WALK. The venue is now expected to be reopened as the Ocean Resort Casino this summer, also leading to the creation of 2,500 new jobs for the east coast gambling resort.
The huge property originally cost $2.4 billion to complete and at the time of its opening in 2012 was touted as a cure for the economic woes that had been afflicting New Jersey’s gambling industry for a number of years. Unfortunately, it proved to be a white elephant, instead, and subsequently closed down in 2014, only to be purchased in 2015 by Glen Straub’s Polo North Country Club for $82 million.
Despite his best efforts, however, the property has remained shut ever since, with Straub also having to deal with a number of disputes associated with the owning the building, including from its energy supplier ACR, the local council, as well as from health and safety, and the fire department.
In 2016, Atlantic City saw its revenue increase by 1.5% to $2.6 billion, representing its first annual growth for a decade. In the meantime, some of the resort’s shuttered casinos have now started to enjoy better prospects, including the former Trump Taj Mahal Casino which is currently being developed by the Hard Rock International brand. Commenting upon Revel’s acquisition by AC OCEAN WALK, Deifik said:
“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides. Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus and the expansion of the medical center.”
For his part, Straub said that he originally intended to keep the property but was ultimately forced to sell it due to the “anti-business climate” which existed in New Jersey. He also expressed his hope that the newly elected governor would pursue a more positive course than his predecessor, before adding that he still remained committed to the resort.
Needless to say, Revel’s sale was taken as a good sign by Mayor Frank Gilliam, who stated: “It’s like having Christmas in January. This is a sign to the market that Atlantic City is well on her way back the prominence that she once had.”

Japan’s bicameral legislature, known as The National Diet, consists of an upper House of Councillors and a lower House of Representatives, with the latter having started discussing the Integrated Resorts Implementation Bill last week. Being debated is the regulatory framework required in order to set up an efficient and well functioning casino market in the

The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming

In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this

Virginia is among the country’s more conservative states when it comes to gambling, and for many decades has resisted the allure and revenues that the industry might bring. In the 1990s, for instance, its legislature turned down a push for riverboat gambling, and the following decade Internet gambling cafes were outlawed. For the past five